2024-03-15 03:28

Investing.com - EOS was trading at $1.0553 by 23:28 (03:28 GMT) on the Investing.com Index on Friday, down 10.16% on the day. It was the largest one-day percentage loss since January 3. The move downwards pushed EOS's market cap down to $1.2223B, or 0.05% of the total cryptocurrency market cap. At its highest, EOS's market cap was $17.5290B. EOS had traded in a range of $1.0553 to $1.1549 in the previous twenty-four hours. Over the past seven days, EOS has seen a drop in value, as it lost 13.12%. The volume of EOS traded in the twenty-four hours to time of writing was $308.8421M or 0.18% of the total volume of all cryptocurrencies. It has traded in a range of $1.0553 to $1.2638 in the past 7 days. At its current price, EOS is still down 95.41% from its all-time high of $22.98 set on April 29, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $67,685.4 on the Investing.com Index, down 7.61% on the day. Ethereum was trading at $3,669.54 on the Investing.com Index, a loss of 7.88%. Bitcoin's market cap was last at $1,355.2346B or 51.50% of the total cryptocurrency market cap, while Ethereum's market cap totaled $449.6327B or 17.09% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/eos-falls-10-in-bearish-trade-3339291

2024-03-15 02:13

Copyrighted Image by: Reuters. Investing.com-- Oil prices notched a weekly gain Friday despite settling lower amid pressure from a rising dollar as a hotter-than-expected U.S. inflation data stoked fears of a more hawkish Federal Reserve at the central bank's meeting next week. At 14:30 ET (13:30 GMT), West Texas Intermediate crude futures fell 0.3% to $81.04 a barrel, while Brent oil futures dropped 0.15% to $85.29 a barrel. Weekly gains likely on tighter supply outlook; oil rig counts continue to expand Still, crude prices gained more than 3% this week, after earlier climbing to its highest levels since November last year, as signs of improving U.S. demand and tightening fuel markets spurred strong gains through the week. A bigger-than-expected draw in U.S. inventories pointed to improving demand in the world’s largest fuel consumer, while the White House confirmed it was buying over 3 million barrels of oil to replenish the Strategic Petroleum Reserve. In addition to the smaller U.S. inventories, debilitating Ukrainian attacks on a key Russian fuel refinery threatened to potentially disrupt fuel supplies in parts of Asia and Europe, presenting a tighter supply outlook for oil markets. On the demand front, the number of oil rigs operating in the U.S. rose by 6 to 510, the highest since Sept. 15, as refinery activity continues to recover. Strong dollar takes shine off wining week Still, crude prices were pressured by a stronger dollar, which rose sharply on Thursday after producer prices followed consumer prices in coming in stronger than expected for February. These reading, which came just days before a Fed meeting, ramped up fears that the central bank will keep interest rates higher for longer in 2024, boosting the greenback. A strong dollar makes commodities, like crude, that are denominated in dollars more expensive for foreign buyers. Demand hopes buoyed by OPEC, IEA forecasts Both the Organization of Petroleum Exporting Countries and the International Energy Administration forecast strong oil demand in 2024 and 2025, in separate monthly reports released this week. The IEA in particular hiked its demand outlook for 2024 and said that fuel supplies were likely to tighten further, as disruptions in the Middle East continued. But the IEA also warned that slowing economic growth across the globe still presented a headwind to oil demand, especially when factoring in concerns over higher for longer interest rates in 2024. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-4mth-highs-as-strong-dollar-weighs-3339283

2024-03-15 00:34

Investing.com-- Copper prices are set for more upside after rallying to 11-month highs, Citi analysts wrote in a note on Thursday, adding that they were overweight on the red metal as its supply outlook turned tighter. The red metal rose sharply this week after reports said that China’s biggest copper smelters were considering output cuts, potentially creating a supply deficit for refined copper. The move also came amid persistent mining disruptions in Chile and Peru, the world's largest copper ore producers. Three-month copper futures on the London Metal Exchange surged as high as $8,977.0 a metric ton on Thursday- their highest level since April 2023, while one-month U.S. copper futures hit a near one-year peak of $4.0810 a pound. Citi bullish on copper supply tightening, also sees demand improvement Citi analysts said copper’s break above $8,600 a tonne was a key move for the red metal, and presented more upside. They said they were overweight on the red metal, and said they were long on a June 2024 $9000/$9500 call spread. Citi analysts said they also expected an improvement in copper demand, with the global manufacturing cycle showing signs of bottoming out. They also expected a “building equity bubble” to factor into increased consumption, in turn helping copper demand. China is also no longer a negative signal for copper markets any more, with Citi analysts stating that China appeared keen to support some industries tied to metal demand, particularly automobiles. https://www.investing.com/news/commodities-news/copper-rally-not-over-yet-citi-bullish-on-tighter-supply-outlook-3339194

2024-03-14 20:26

WASHINGTON D.C. - The Securities and Exchange Commission (SEC) has charged 17 individuals connected to CryptoFX LLC, a Texas-based company, for orchestrating a Ponzi scheme that amassed $300 million by defrauding over 40,000 investors, primarily within the Latino community. The SEC's legal action, announced today, follows an emergency intervention in September 2022 that initially disrupted the fraudulent operation and charged the firm's main operators, Mauricio Chavez and Giorgio Benvenuto. The scheme, which ran from May 2020 to October 2022, involved individuals from Texas, California, Louisiana, Illinois, and Florida, who acted as leaders of the CryptoFX network. They allegedly promised investors returns of 15 to 100 percent through crypto asset and foreign exchange trading. However, the SEC's complaint alleges that the majority of the funds were not used for trading but were instead diverted to pay earlier investors and for personal enrichment, including commissions and bonuses for the defendants. The complaint also details that two defendants, Gabriel and Dulce Ochoa, continued to solicit investments even after the court's orders to halt the scheme, with Gabriel Ochoa instructing investors to withdraw their SEC complaints to recover their investments. Another defendant, Maria Saravia, is alleged to have misled investors by claiming that the SEC's lawsuit was a fabrication. The SEC's charges against the Ochoas, Saravia, and other defendants include violations of antifraud, securities registration, and broker registration provisions of federal securities laws. Additionally, Gabriel Ochoa is charged with violating whistleblower protection provisions. The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, and civil penalties against each defendant. Two of the charged individuals, Luis Serrano and Julio Taffinder, without admitting or denying the allegations, have consented to final judgments that enjoin them from future violations of the pertinent securities laws and have agreed to pay a combined total of over $68,000 in penalties, disgorgement, and interest. The SEC's investigation, led by the Fort Worth Regional Office, continues as they conduct litigation seeking justice for the victims. This case serves as a reminder of the risks associated with unregistered investment offerings and the importance of verifying the legitimacy of investment opportunities. The information in this article is based on a press release statement from the Securities and Exchange Commission. https://www.investing.com/news/cryptocurrency-news/sec-charges-17-in-300-million-crypto-ponzi-scheme-targeting-latinos-93CH-3338699

2024-03-14 14:43

Copyrighted Image by: Reuters. Are investors shifting from gold to bitcoin? JPMorgan answers The combination of year-to-date outflows from gold exchange-traded funds (ETFs) and significant inflows into Bitcoin ETFs is raising questions about whether investors are diverting their funds from the bullion to the world’s largest cryptocurrency. Driven by strong interest in spot Bitcoin ETFs, BTC funds experienced an inflow of $10.6 billion so far this year, compared to a $7.6 billion in outflows for physical gold ETFs. However, JPMorgan strategists believe this is not the case where investors are shifting funds from gold to Bitcoin. “We disagree and instead believe that private investors and individuals have propagated both gold and bitcoin YTD rather than shifting from the former to the latter,” analysts said in a note. Analyzing ETF flows alone may offer a misleading perspective, potentially underestimating the acquisition of gold by individuals and private investors through bars and coins, while overestimating their investment in Bitcoin. JPMorgan strategists highlighted a notable trend where retail investors are transitioning from holding Bitcoins in digital wallets “to the convenience and regulatory protection of the new spot bitcoin ETFs.” “Beyond retail investors, speculative institutional investors such as hedge funds, including momentum traders such as CTAs, appear to have also propagated the rally by buying both gold and bitcoin futures since February, perhaps even more heavily than retail investors,” analysts wrote. https://www.investing.com/news/cryptocurrency-news/are-investors-shifting-from-gold-to-bitcoin-jpmorgan-answers-432SI-3338265

2024-03-14 13:50

Bitcoin has expanded its last year’s momentum into 2024, with the BTC price blasting above the $72,000 mark earlier in the week, hence touching a new all-time high for the first time since November 2021. The impressive rise in cryptocurrency value hasn't deterred MicroStrategy Incorporated (NASDAQ:MSTR), the largest corporate investor in Bitcoin, from increasing its holdings. Under the leadership of Michael Saylor, the enterprise software maker has recently accelerated its purchases, now possessing over 200,000 BTC. What does MicroStrategy do? MicroStrategy is a provider of enterprise software solutions and services. The company specializes in business intelligence, mobile software, and cloud-based solutions. Its flagship product, the MicroStrategy analytics platform, offers advanced data analytics capabilities, allowing organizations to analyze vast amounts of data and make informed decisions. However, over the past few years, the company became widely known for its significant investment in Bitcoin as part of its corporate treasury strategy. Positioning itself as the "world's first Bitcoin development company," the firm has made it its mission to contribute to the Bitcoin network's growth and development. The company channels its cashflows and proceeds from equity and debt financings into the acquisition of Bitcoin, which it holds as its main asset in treasury reserves. How much Bitcoin does MicroStrategy own? Earlier this month, filings with the US Securities and Exchange Commission (SEC) revealed that MicroStrategy acquired 12,000 BTC for $821.7 million, its second-biggest purchase since beginning its cryptocurrency investments nearly four years prior. This acquisition, executed between February 26 and March 10, was mainly financed using the $800 million generated from the sale of convertible notes recently by the company. This new purchase increased the company's BTC holdings to around 205,000 tokens, with a current value of nearly $15 billion. JMP analysts said yesterday that the Bitcoin price could hit $280,000 over the next 3 years. More recently, on Wednesday, the business intelligence service provider announced its plans to issue an additional $500 million in convertible debt, which it will use for more Bitcoin purchases. If BTC continues trading around the current $73,000 level, it will allow MicroStrategy to buy approximately 6,800 additional tokens with proceeds from this new offering. JPMorgan warns about more debt-funded Bitcoin buying After buying more than $1 billion worth of Bitcoin in Q4 2023, MicroStrategy continued its aggressive approach strategy into 2024, acquiring roughly the same amount since the start of 2024. As such, it is safe to say that the company itself has also played a noteworthy part in amplifying the cryptocurrency’s momentum. However, its strategy of buying more BTC through convertible-debt offerings adds risk to the currency crypto market rally, according to JPMorgan strategists. “We believe debt-funded bitcoin purchases by MicroStrategy add leverage and froth to the current crypto rally and raise the risk of more severe deleveraging in a potential downturn in the future,” said strategists led by Nikolaos Panigirtzoglou. Bitcoin was trading close to the $72,500 mark at the time of writing, up 72% year-to-date. https://www.investing.com/news/cryptocurrency-news/microstrategy-taking-on-debt-to-buy-bitcoin-adds-risk-to-crypto-rally--jpmorgan-3338165